Eurozone returns to growth in Q2
Employment increases, but economic expansion is uneven across economies
The eurozone returned to economic growth in the second quarter of the year, according to early estimates published today (August 17) by Eurostat.
The region’s GDP increased by 2% quarter on quarter, following a 1.3% decline in the first quarter of 2021. Compared with the second quarter of 2020, the block’s GDP has expanded by 13.6%.
By way of comparison, the US economy increased quarter on quarter by 1.6% between April and June 2021, following a 1.5% increase in the first quarter of the year. Year on year the US economy is 12.2% larger.
Eurozone growth is uneven across its main economies. Spain’s GDP expanded by 2.8% quarter on quarter, Italy by 2.7%, and the Netherlands by 3.1%. Nonetheless, the two biggest economies recorded somewhat lower rates of expansion: Germany grew by 1.5% and France by 0.9%.
The number of employed persons rose by 0.5% in the eurozone. In the previous quarter, employment had fallen by 0.2%. Year on year, employment increased by 1.8%.
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